EGYPT ECONOMY

Egypt's inflation rate in December jumps to 21.3 percent year-on-year

epa10398163 People buy fruits and vegetables in Cairo, Egypt, 10 January 2023. Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) said on 10 January that the country's annual urban consumer inflation rate recorded 21.3 percent in December year-on-year, increasing from 18.7 percent in November. Egypt allowed further devaluation of the currency since the beginning of 2023 where the Egyptian Pound dropped by over 10 percent against the US dollar, just after the International Monetary Fund (IMF) in December approved a funding arrangement and released the first 347 million US dollars of a three billion USD loan. EPA/KHALED ELFIQI

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